New Delhi, 01st April, 2021: Steel Authority of India Limited (SAIL), the Maharatna PSU, has recorded its best ever quarterly performance in both production and sales during Q4 FY’21. Provisional production and sales during Q4 FY’21 at a glance:
|Q4: FY21||Q4: FY20||% Growth over Q4 FY’20||Q3: FY 21||% Growth over Q3: FY 21|
*all figures in Million Tonnes (MT)
Despite the volatility in the market during the year, the determined efforts by the Company to improve its volumes saw it clock its best ever annual sales at 14.87 MT, a growth of 4.4% over 14.23 MT during FY’20.
Commenting on the performance, Smt. Soma Mondal, Chairman, SAIL said, “After the difficult market conditions during the initial months of the financial year, the Company adopted focussed approach on improving its volumes, improving operational efficiencies, operating the facilities at optimum levels, deleveraging its balance sheet, reducing its inventory levels, etc. The multi-pronged strategy has helped us top the performances during the month, quarter as well as the year. The team effort by the SAIL employees helped in seizing the opportunity offered by the pick-up in the economic activities in the country especially the steel intensive sectors like infrastructure, construction, automobiles, etc.”
In line with its focus on reducing the borrowings, the company has reduced its gross debts by around Rs. 16150 crore to stand at Rs. 35330 crore (provisional) as on 31st March 2021 vis-àvis Rs. 51481 crore as on 31st March 2020.